Oil prices rose in Asian trading on Thursday, extending gains that began in the previous session, supported by a larger-than-expected weekly withdrawal of US crude inventories, and signals from the Federal Reserve (US central bank) that it will start reducing borrowing costs in 2024.
Low-interest rates lower consumer-borrowing costs, which could boost economic growth and oil demand. These signals also sent the dollar weaker, making oil less expensive for overseas buyers.
Brent crude futures rose 21 cents, or 0.28 percent, to $74.47 a barrel, while U.S. West Texas Intermediate crude gained 9 cents, or 0.03 percent, to $69.65.
Source (Al-Arabiya.net Website, Edited)
